NZD/USD down to fresh five-week low as dollar stays on a tear today | Forexlive

It’s all about the dollar in the major currencies space today, as the greenback continues to jump higher across the board in European morning trade. With the exception of the yen and loonie, the dollar is trading up by over 1% against the rest of the major currencies at the moment.

NZD/USD is the biggest loser as it is down 1.6% to 0.6214 as sellers threaten a break below the 200-day moving average (blue line) at 0.6229. The previous attempt to break below the key support threshold was right before the Christmas break and that failed somewhat before a bounce higher towards the end of last year.

But now, sellers are looking poised once more and that could set off a steeper drop towards the 38.2 Fib retracement level of the swing higher since October, seen at 0.6131 next.